Discounted Cash Flow (DCF) Analysis Unlevered

Corbus Pharmaceuticals Holdings, In... (CRBP)

$ 0.82
+0.03 (+3.96%)
Stock DCF: -1,715.77 | 0.82 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1.912.444.8236.143.9410.6929.0178.73213.68579.99
Revenue (%)
EBITDA -19.90-32.31-56.25-75.87-121.12-145.71-395.49-1,073.46-2,913.61-7,908.18
EBITDA (%)
EBIT -19.99-32.56-56.75-77.10-122.81-147.25-399.66-1,084.76-2,944.27-7,991.40
EBIT (%)
Depreciation 0.090.260.491.231.691.534.1611.3030.6683.22
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 14.9962.5441.7531.7585.43138.30375.371,018.832,765.347,505.74
Total Cash (%)
Account Receivables 1.331.703.3625.162.747.4420.1954.80148.73403.69
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.423.136.3511.097.3814.0438.11103.44280.76762.03
Accounts Payable (%)
Capital Expenditure -0.35-0.71-2.30-2.74-0.48-2.46-6.67-18.12-49.17-133.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.82
Beta 1.845
Diluted Shares Outstanding 81.88
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.218
Total Debt 19.74
Total Equity 67.14
Total Capital 86.88
Debt Weighting 22.72
Equity Weighting 77.28
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1.912.444.8236.143.9410.6929.0178.73213.68579.99
EBITDA -19.90-32.31-56.25-75.87-121.12-145.71-395.49-1,073.46-2,913.61-7,908.18
EBIT -19.99-32.56-56.75-77.10-122.81-147.25-399.66-1,084.76-2,944.27-7,991.40
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -19.99-32.56-56.75-77.10-122.81-147.25-399.66-1,084.76-2,944.27-7,991.40
Depreciation 0.090.260.491.231.691.534.1611.3030.6683.22
Accounts Receivable --0.37-1.66-21.8022.42-4.70-12.75-34.61-93.93-254.96
Inventories ----------
Accounts Payable --0.293.224.75-3.716.6624.0765.33177.32481.28
Capital Expenditure -0.35-0.71-2.30-2.74-0.48-2.46-6.67-18.12-49.17-133.46
UFCF -20.25-33.67-57-95.67-102.89-146.21-390.85-1,060.86-2,879.40-7,815.33
WACC
PV UFCF -134.10-328.79-818.50-2,037.59-5,072.44
SUM PV UFCF -8,391.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.03
Free cash flow (t + 1) -8,206.09
Terminal Value -203,625.10
Present Value of Terminal Value -132,160.37

Intrinsic Value

Enterprise Value -140,551.80
Net Debt -65.69
Equity Value -140,486.10
Shares Outstanding 81.88
Equity Value Per Share -1,715.77